For the time being, those looking for evidence of the recent crypto meltdown should avoid Minneapolis.

Thousands of NFT owners will descend on the Twin Cities this weekend for Gary Vaynerchuk's "VeeCon," a four-day conference that brings together business leaders, entrepreneurs, and Web3 evangelists to discuss digital transformation in everything from art to assets.

Vaynerchuk is a serial entrepreneur and social media phenomenon known for his early investments in companies such as Facebook and Coinbase. Vaynerchuk's "VeeFriends" NFT collection comprises of 10,255 character, unchangeable tokens that may be acquired using the cryptocurrency ethereum. Each token comprises a "smart contract" containing metadata that Vaynerchuk can use to engage with its buyer. Token holders will also get unique access to the yearly event for three years after purchasing the NFT.

Not only is this the first VeeCon, but it is also the first NFT ticketed event. Token holders gain access to their tickets through a digital wallet on their phone, which validates they own Vaynerchuk's digital assets. NFTs are a sort of digital asset that uses blockchain technology to track ownership of a virtual item. Such one-of-a-kind things could include artwork or sports trading cards, a market Vaynerchuk was familiar with as a teenager when he sold baseball cards for hundreds of dollars each week. The price of Ethereum has recently decreased by up to 60% from its peak in 2021. "The timing of VeeCon could not be better," Vaynerchuk remarked during the conference's opening comments on Friday.

"A fantastic chapter of Web3 is coming this year." Everyone here is well aware that there has been a correction in [crypto] pricing... it's never good to see your assets fall in value on paper. It is what it is, but the timing is remarkable because a lot of good work is now being completed. "A lot of invention occurs."

The event, held at U.S. Bank Stadium, will feature keynote speakers from the Web3 scene, such as Snoop Dogg, Spike Lee, Deepak Chopra, Eva Longoria, and Mila Kunis, among others. "Honestly, superstars will get a lot of attention for who they are, and I believe they have a responsibility [to teach] with the magnitude of their following," Vaynerchuk told CNBC. "Everyone operating in this arena should carefully consider whether the short-term financial gain is worth the reputational cost."

VeeCon has also proven beneficial to the local economy in Minneapolis, which is one of many municipalities throughout the country attempting to recover tourism money lost due to the Covid-19 outbreak. The meeting is being attended by token holders from all over the world, including India, Australia, Romania, France, and Sweden "As a native Minnesotan, I am ecstatic that the first VeeCon will be held in my backyard," said Maha Abouelenein, the event's local organizer and CEO of media company Digital & Savvy. "I can't wait to see how many new friendships are formed during VeeCon."

Even still, there are certain concerns about the durability of space. Bitcoin fell below $26,000 for the first time since December 2020 earlier this week, and shares of publicly traded crypto brokerage Coinbase are down as much as 74% since the beginning of the week.

"Right now, space's tremendous energy is relatively short-term. "Many of them don't spend their time on schooling," Vaynerchuk explained.

"The reality is that all of this behavior will result in 97-98 percent of these existing projects losing value over the next 24-36 months because the supply and demand curves will not align."